Managing the launch of new Private Assets Funds
We delivered a scalable private equity and debt target operating model for a global asset manager
We supported the successful launch of a rejuvenated, hybrid pension scheme for a prominent UK provider
The challenge
Our client is the largest private open Defined Benefit pension schemes in the UK (£50bn+) with 380,000 members across 370+ institutions.
The Final Salary (FS) section of the scheme was closed to new members but the DB scheme continued to run at a funding deficit. This led to the trustees having to consider the options for the scheme, including the possible introduction of a Defined Contribution (DC) element.
Following consultation, a revised scheme structure was launched and we were engaged to support a number of key areas on the programme.
Our approach
We supported the programme by:
- Producing the outline DC proposition structure and options available
- Providing the operating model options to support the technology and investment partners
- Designing and managing a tender process for the new partner
- Defining the target operating model (TOM) and identification of key gaps
- Restructuring the programme and governance with clear responsibilities and reporting lines
- Programme managing the key events including the largest private pensions data migration
The outcome
We were able to support the successful launch of the revised scheme including:
- Introducing a new DC section to create a hybrid DB-DC scheme
- Market assessing platform partners and short-listing two suppliers
- Completing heads of terms negotiations between two suppliers
- Defining new operating model and migrated 380,000 member records to the new platform
- USS contact centre for members
- New self service web portal launched for the first time in USS history
- 16 new funds launched to support the member DC elections
